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 Form 3 Business Studies: Demand and supply online lessons

Types of demand

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Answer Text:
Types of demand:
a)Joint demand: is also known as complimentary demand. It occurs where two or more commodities are demanded at the same time; or are used at the same time. E.g car and petrol.
b)Competitive demand: demand for goods that serve the same purpose. E.g
substitute goods such as different types of toothpastes.
c)Composite demand: demand for products that serve more than one purpose. E.g timber needed for construction of house and making furniture.
d)Derived demand: demand where commodities are demanded because they give
rise to products that are actually needed such as the demand for land, labour, wool etc